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Stellar (XLM) Supported by Criticism! Where is the New Target for Upside? July 16 XLM Analysis

  • XLM can continue its rise towards the target of $0.16 with hourly closes above the $0.1271 level.
  • However, hourly closes below the $0.1271 level can expand the downward trend towards the $0.11 levels.
  • If XLM closes below $0.11, the downward movement can continue until the $0.1022 level.

According to XLM’s technical chart, the $0.1271 level appears as an important support level. Sustaining above this level brings along the potential for an upward movement, but crossing below it may indicate a continuation of the downward trend.

Medium-Term XLM Price Analysis

Daily XLM/USD Price Chart

Daily XLM/USD Price Chart

When examining XLM’s daily technical chart, we can see that the price initiated an upward movement from the support range we mentioned on June 30th and provided our readers with over 55% gains.

Click Here to Review the XLM Analysis We Shared on June 30th.

As previously mentioned in the analysis, the XLM price reached our target of $0.15, starting from the strong buying pressure encountered in the support range of $0.09663 – $0.09154.

Currently, XLM price is at a critical support level. If XLM encounters strong buying pressure from the daily support range mentioned in the analysis, which is $0.1246 – $0.1297, it can rise up to the $0.14 levels.

However, for XLM to achieve upward movements towards the resistance zone at $0.14, it needs to continue with daily candle closes above the $0.1246 level. As long as XLM holds onto the $0.1246 support, it can initiate its upward movement and reach the $0.14 levels in the coming days. However, if the XLM price makes daily candle closes below the $0.1246 level, it can extend the downward movement towards the $0.11438 levels.

Short-Term XLM Price Analysis

15-Minute XLM/USD Price Chart

15-Minute XLM/USD Price Chart

When examining XLM’s short-term technical chart, it is seen that it is moving close to the important support level of $0.1271. If the XLM price continues with hourly candle closes above the $0.1271 level mentioned in the analysis, it can initiate its upward movement from these levels and reach the $0.16 levels.

However, if the XLM price makes hourly candle closes below the $0.1271 level, it can expand the downward movement towards the $0.11 levels. If XLM makes hourly candle closes below the $0.11 level, it may want to extend its downward movement towards the $0.1022 level.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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